Business Concept

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School

Berklee College of Music *

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Course

201

Subject

Business

Date

Jun 4, 2024

Type

pdf

Pages

Uploaded by overki98

1. After you have brainstormed an idea for your capstone project that is directly related to your career goals, using this worksheet as a guide, outline your business concept and/or service as you presently conceive it. Click in the boxes to type your answers. Be specific and provide evidence to support your answers. Is yours a retail, service, manufacturing, distribution, or internet business? Service What industry does it belong to? Music Education What products or services do you sell? Online guitar/bass lesson service w/ rentals Who do you see as your potential customers? All ages of musicians / aspiring musicians Describe your basic overall marketing and sales strategy: 1

This idea is similar to Gamefly in the sense that in addition to an online catalog of lessons, you have the choice of renting a guitar/bass for a small increase in monthly subscription. There would be a wide variety of guitars from which to rent with lessons going over the guitar's specs and how to get tone out of it. This would be strictly an online platform as most of the profits would be passive income. Which companies and types of companies do you consider to be your competitors? Be specific and name them. (i.e. Amazon, specific radio stations in your area, cite websites, music schools in your area, artists, music services, etc.) Companies such as Guitareo and Musicisum are just a couple of the many competitors for online lessons. https://www.musicisum.net/about/ https://www.guitareo.com/ List your competitive advantages, in each area listed below. New Products/Services: The renting of guitars/basses is the thing that would set this apart from others. Having videos tailored specifically for the instrument the student is playing (based off of the catalog from which customers can rent) in addition to the lessons gives good insight for their instrument as knowing the ins and outs of your own instrument is important to make the most out of your instrument. The student would be able to keep the instrument as long as the subscription is active. Improves Features/Services and Added Value: The low renting cost adds value to this idea by beating out retail store renting prices like Guitar Center or Music & Arts. The student gets a great deal in terms of renting and gets online lessons included. New/Improved Delivery or Distribution Method: Not new by any means, but the service would be available online and as a mobile app. 2

Methods of Increase Integration: Because this is a premium service, guitars would likely not be manufactured as we would want to have lessons based on mass-manufactured guitars. 2. Self-Evaluation Based on the preceding worksheet, answer the following: Do you consider it to be a true opportunity? If so, why? (Provide specific details). I think there is a market for this idea at all financial levels. The lowest-tier subscription would be as low as $20 a month for lower-end guitars, $15 a month for the online lessons only (no rental), and even up to $50 a month for higher-end guitars. This lets new players who do not have an instrument kill two birds with one stone as they are able to rent a guitar of their choosing and get to explore their instrument in which they are interested through online lessons. Are there a demonstrated need, a ready market, and the ability to provide a solid return on investment? 3

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Given the online-only format, pre-recorded lessons provide the opportunity for high profit margins as the labor required is low. I currently work at a music education business and many students come in without a guitar when it is their first lesson. Being able to choose a guitar online to rent as part of the subscription model is a great way to try out an instrument in which a student is interested, which can fuel their passion for learning. Look good, play good. The upfront cost would be the biggest financial obstacle to work out in terms of creating inventory, lessons, and a high-quality website and app. 4

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